- (1.) The Petitioner has moved this petition before us claiming to be an Operational Creditor as defined under the Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC') of the respondent company. The transaction giving rise to filing of this petition is stated to be one of sale of goods to the respondent company of Spherodial Graphite Rolls based on 3 (three) invoices as detailed below: JUDGEMENT_13_LAWS(NCLT)3_2017_1.html
(2.) Out of the above said amount of Rs.22,54,660/-, the Petitioner claims that a sum of Rs.16,95,000/- had been paid by the respondent company the last of the payment being made in March 2014 and subsequently no payment is forthcoming of the balance amount in a sum of Rs.5,59,660/- from the respondent.
(3.) The Petitioner, with a view to recover the balance amount due to it of Rs,5,59,660/- had initiated a Summary Suit under Order XXXVII of CPC in the Court of SR.Civil Judge, Ahmedabad (Rural) A Mirzapur, Ahmedabad I in Summary Suit No.217/2014 and that in the said suit the Learned Judge had decreed ex-parte on 19.10.2016 the suit in favour of the Plaintiff for a sum of Rs.5,59,660 with simple interest at the rate of 8% per annum from the date of filing of the suit till the date of its realization as well as the costs of the suit to the Petitioner.;